🔗 Share this article The Hamilton Island Resort, one of the Popular Queensland Holiday Destination on the Great Barrier Reef, Reportedly Acquired by US Private Equity Firm. A major tropical holiday destination located on the Great Barrier Reef has reportedly been sold to a US-based investment group for a sum said to be worth A$1.2 billion. “It is an honor to build on the legacy and commitment that the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative. The Reported Acquisition Agreement Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, pending customary regulatory approvals. The family released a statement noting they were pleased with the change in ownership of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands. Approximately 30% of the land is built upon, featuring a substantial array of facilities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A marina and a functioning airport Hamilton Island is noted as a significant employer in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of local partners, suppliers, and local businesses. Historical Context at The Island's History The late billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for $200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays. The island's major development phase first began in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that hosted Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Regional Background Blackstone has ownership of hotels and luxury resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.